22nd May 2017 16:05
Ten Entertainment Group plc
Performance Share Plan Awards
Ten Entertainment Group plc (LSE: TEG the "Company") announces that on Monday 22 May 2017 its Executive Directors were granted the following share awards as nominal-cost options over ordinary shares of £0.01 each in the Company ("Shares") under the Company's Performance Share Plan ("PSP"). The awards have been granted in accordance with the remuneration policy adopted by the Board and set out in the Company's Prospectus that was issued on Wednesday 12 April 2017.
Director | Position | Number of Share Awards Granted |
Alan Hand | Chief Executive Officer | 333,333 |
Mark Willis | Chief Financial Officer | 212,121 |
Graham Blackwell | Chief Commercial Officer | 193,939 |
These awards (the "Initial PSP Awards") are subject to two performance conditions which will be measured following the announcement of results for the year to 31 December 2019 ("FY2019").
The first performance condition applying to the Initial PSP Awards will be based on Earnings per Share of the Company ("EPS") and will apply to 50 per cent. of the total number of Share Awards granted.
EPS - Financial Year 2019 | Percentage of the total number of Share Awards granted that will vest |
Less than 21.08 pence |
0% |
21.08 pence | 12.5% |
Between 21.08 and 22.19 pence |
Pro-rata on straight-line basis between 12.5% and 50% |
More than 22.19 pence
|
50% |
The EPS measure is based on adjusted fully diluted EPS as stated in the Company's accounts and is subject to such adjustments as the Remuneration Committee in its discretion determines are fair and reasonable.
The second performance condition will be based on Total Shareholder Return ("TSR") of the Company over the period from the date of grant to the announcement of results for FY2019relative to a comparator group of companies and will apply to the remaining 50 per cent. of Share Awards granted.
It is intended that 12.5 per cent. of the total number of Share Awards will vest on achievement of median TSR performance and that 50 per cent. of such will vest on achievement of upper quartile performance. There will be straight line vesting between these points.
Set out below are the notifications, made in accordance with the requirements of the EU Market Abuse Regulation, in relation to the PSP
For further information please contact:
| Ten Entertainment Group plc Alan Hand, Chief Executive Officer Mark Willis, Chief Financial Officer
| via Instinctif Partners | ||
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| Instinctif Partners Matthew Smallwood Guy Scarborough | 020 7457 2020 | ||
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1. | Details of PDMR / person closely associated with them ('CAP') | |||||
a) | Name | Alan Hand
| ||||
2. | Reason for the notification | |||||
a) | Position / status | Chief Executive Officer | ||||
b) | Initial notification / amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ten Entertainment Group plc | ||||
b) | LEI | 213800SL9HJUQ5BGPX17 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument and identification code | Ordinary shares of £0.01 each
ISIN: GB00BF020D33 | ||||
b) | Nature of the transaction
| Grant of PSP Performance Shares Award. The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied. | ||||
c)
| Price(s) and volume(s)
|
| ||||
d) | Aggregated information Aggregated volume Price |
Volume: 333,333 Price: £nil | ||||
e) | Date of the transaction | 22 May 2017 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1. | Details of PDMR / person closely associated with them ('CAP') | |||||
a) | Name | Mark Willis
| ||||
2. | Reason for the notification | |||||
a) | Position / status | Chief Financial Officer | ||||
b) | Initial notification / amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ten Entertainment Group plc | ||||
b) | LEI | 213800SL9HJUQ5BGPX17 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument and identification code | Ordinary shares of £0.01 each
ISIN: GB00BF020D33 | ||||
b) | Nature of the transaction
| Grant of PSP Performance Shares Award. The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied. | ||||
c)
| Price(s) and volume(s)
|
| ||||
d) | Aggregated information Aggregated volume Price |
Volume: 212,121 Price: £nil | ||||
e) | Date of the transaction | 22 May 2017 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1. | Details of PDMR / person closely associated with them ('CAP') | |||||
a) | Name | Graham Blackwell
| ||||
2. | Reason for the notification | |||||
a) | Position / status | Chief Commercial Director | ||||
b) | Initial notification / amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Ten Entertainment Group plc | ||||
b) | LEI | |||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument and identification code | Ordinary shares of £0.01 each
ISIN: GB00BF020D33 | ||||
b) | Nature of the transaction
| Grant of PSP Performance Shares Award. The Award is structured as a nominal cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied. | ||||
c)
| Price(s) and volume(s)
|
| ||||
d) | Aggregated information Aggregated volume Price |
Volume: 193,939 Price: £nil | ||||
e) | Date of the transaction | 22 May 2017 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
Related Shares:
TEG.L